- Shiba Inu token burn rate soared by 2,400%, reducing its total supply further.
- A Crypto analyst predicts significant price increases for Shiba Inu despite current downturn
As a seasoned researcher with a knack for deciphering the intricacies of the crypto market, I find myself both perplexed and intrigued by the current state of Shiba Inu [SHIB]. On one hand, we’re witnessing a staggering 2,400% increase in token burn rate, which should theoretically be bullish. Yet, the price action tells a different story – a bearish one.
presently, Shiba Inu (SHIB) is showing a downtrend, aligning with the broader cryptocurrency market. At the moment, SHIB is being transacted at $0.00001588, marking a 3.7% decrease over the last day and a 3.1% drop in the past week.
Despite an increase in Shiba Inu tokens being burned over the past day, this significant drop in price is still worth noting.
Details of the burn
Token burning has become a significant point of interest for the Shiba Inu community.
Based on information from the Shiburn tracking system, we’ve seen a significant rise in the burning rate over the last day, as about 8,549,925 SHIB tokens were removed from circulation.
By adopting a firm strategy to decrease the overall circulation, the supply has been significantly lowered to approximately 589.27 trillion SHIB. It’s worth mentioning that the largest token burns were carried out by an address identified as ‘0xa9,’ which eliminated roughly 7 million tokens in two distinct transactions.
Token burning is typically viewed as a positive indicator by cryptocurrency investors. This is because when the supply decreases while demand remains steady or increases, it could potentially cause an increase in value.
Even though there have been recent decreases in prices, the determination to carry out significant token burns continues to boost optimism within specific areas of the Shiba Inu (SHIB) community and amongst some financial analysts.
Notable experts, including crypto expert Javon, have forecasted substantial price increases by examining past trends and technical tools like the Relative Strength Index (RSI), suggesting possible market surges.
According to Javon’s findings, Shiba Inu (SHIB) might experience a significant surge in value, potentially rising more than 354% if historical patterns continue to repeat themselves.
The analysis is backed up by noticing subtle, long-term bullish patterns (divergences) in the Relative Strength Index (RSI) of Shiba Inu (SHIB). This RSI is often used as a precursor for potential price surges after prolonged downward movements.
SHIB’s fundamental outlook
Even though Shib’s technical indicators suggest a bullish trend, it’s important to examine its underlying strengths to determine if there might be an upcoming bullish surge.
According to the latest findings by Santiment, there’s been a decrease in the number of active addresses, a potential red flag suggesting decreased user interaction and transaction activity, which could indicate a downturn in market conditions.
Additionally, there’s been a decrease in Shiba Inu’s high-value transactions, specifically those exceeding $100,000 – a pattern often associated with “whale” activity. This drop could indicate that prominent investors are exercising caution.
As of July 31st, the number of large-scale transactions (whale transactions) reported by IntoTheBlock has significantly decreased from over 1,000 on July 18th, now standing at only 29.
Ignoring the poor showing by retail traders, AMBCrypto has hinted at some significant indicators suggesting a potential surge or breakthrough.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- Top gainers and losers
- CLV PREDICTION. CLV cryptocurrency
- DUEL PREDICTION. DUEL cryptocurrency
- LSK PREDICTION. LSK cryptocurrency
- LOKA PREDICTION. LOKA cryptocurrency
- ELK PREDICTION. ELK cryptocurrency
- SCOMP PREDICTION. SCOMP cryptocurrency
2024-08-01 22:35